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Bitcoin (BTC) Price: Cryptocurrency Surpasses $120,000 Mark on Major Exchange Coinbase
In a remarkable turn of events, the price of Bitcoin has surpassed the $120,000 mark on major exchange Coinbase. This milestone marks another significant achievement for the cryptocurrency, which has been steadily growing in value over recent months.
According to reports, Bitcoin hit an all-time high of $120,000 on Coinbase at 2:47 am UTC, extending its July rally with a notable 13% gain for the month. The flagship digital asset is poised to close its third consecutive green monthly candle.
The surge can be attributed to institutional investment, which has been a key driver of the recent price increase. BlackRock’s spot Bitcoin exchange-traded fund (ETF), IBIT, has reached an astonishing $83 billion in assets under management, holding over 700,000 BTC in custody. This unprecedented growth in just 200 trading days is a testament to institutional investors’ increasing confidence in the asset.
The on-chain data also suggests that Bitcoin hasn’t entered a state of market overheating. The Long-Term Holder Net Unrealized Profit/Loss metric sits at 0.69, below the historically associated peak euphoria threshold of 0.75. Additionally, daily transactions have shown steady growth without signs of panic selling, increasing from 340,000 to 364,000 over the past two days.
More significantly, Bitcoin’s price action is being supported by macro factors that continue to favor its rise. Firstly, global investors are increasingly positioning against the US dollar according to Capriole Investments’ USD Positioning gauge, which has been deeply negative since early summer. This trend has a direct correlation with Bitcoin’s growth, as it encourages investment in hard assets.
Furthermore, corporate bond spreads have tightened since spring, signifying increased risk appetite in traditional markets. It is worth noting that this development has historically correlated closely with Bitcoin price movements since 2020.
Finally, the emergence of Bitcoin Treasury Companies represents an innovative dynamic in this cycle. These corporate vehicles raised $15 billion in Q2 alone and have at least 145 firms pursuing this strategy.
The gold breakout in early 2025 also provided another bullish signal for Bitcoin. Historical patterns indicate that Bitcoin typically follows gold breakouts by three to four months, and its recent outperformance has led some analysts to speculate on a forthcoming increase in demand.
In conclusion, the price surge is not just a fleeting moment but rather a testament to institutional confidence and macro factors supporting continued gains.
Source: blockonomi.com
